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Unit IV Ruby Red Movie Theater has experimented  with using different numbers of workers in the concession area of the  theater as well as at the ticket co

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Unit IV Ruby Red Movie Theater has experimented  with using different numbers of workers in the concession area of the  theater as well as at the ticket counter. In these experiments, Tracy,  the manager of the theater, collected data on total number of buckets of  popcorn as well as movie ticket sales produced per day.  Tracy would like for you to analyze  the data and tell her how many workers she should use each day in the  concession stand area for producing popcorn and in the ticket area for  producing movie ticket sales. She would also like to know how many  buckets of popcorn and movie tickets will be produced/sold by those  workers per day. Access the Unit IV Assignment Worksheet in Blackboard. You will complete the following in this worksheet:
Part 1
Complete the tables  calculating the average product, marginal product, total value product,  average value product, and marginal value product.
Part 2
Answer the five questions after each table as a guide to use when writing your blurb.
Part 3
Write a blurb of at least 750 words in which you address the following:

Describe your calculations in the table.

Indicate the number of workers used per day where the law of  diminishing marginal returns begins for producing buckets of popcorn.

Indicate the number of workers used per day where the law of  diminishing marginal returns begins for movie ticket sales production.

Describe the shapes of both the average product and marginal  product curves, and include how they compare to the average value  product and marginal value product curves for both buckets of popcorn  and movie tickets.

Indicate the optimal number of workers per day to use and the  corresponding total number of buckets of popcorn to produce. Make sure  you indicate how you found this optimal number of workers and total  number of buckets of popcorn.

Indicate the optimal number of workers per day to use and the  corresponding total number of movie tickets to sell (produce). Make sure  you indicate how you determined this optimal number of workers and  total number of movie tickets.

Include a copy of the completed tables  and your question answers from the worksheet after your blurb (e.g., on  the page following your reference page, if you have one). The minimum  word count will not include the information from the worksheet (tables  and answers). Any sources used, including the  textbook, must be referenced; paraphrased and quoted material must have  accompanying citations. All references and citations used must be in APA  Style. Unit IV Assignment Worksheet

This worksheet is intended to help you develop the information you will use to complete your Unit IV Essay. You are expected to include the completed tables in your Unit IV Essay. The additional questions after the tables are intended to help you formulate your ideas concerning what you will write in your essay.

NOTE: Just completing this worksheet does not constitute completing the Unit IV Assignment. The information from the worksheet must be incorporated into your essay submission. Follow the instructions below.

Instructions:

1. Complete all parts of this Unit IV Assignment Worksheet.

2. Answer the questions listed after the tables; these will help you formulate your ideas for writing the essay part of this unit’s assignment. You are expected to expand on these questions in your writing.

3. Include the tables and your question responses from this worksheet as an appendix at the end of your essay.

On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes. Using the information you learned from this unit’s textbook readings for this class as well as the information in the Unit IV Lesson, include the following:

1. Complete the two tables below; one is for production of concession stand item sales while the other is for production of movie ticket sales.

Number of Workers per Day

Concession Items Produced per Day

Average Product

Marginal Product

Average Price of Concession Items

Total Value Product

Average Value Product

Marginal Value Product

Price of Worker per Day

0

0

\$8.00

\$120.00

2

100

\$8.00

\$120.00

4

400

\$8.00

\$120.00

6

750

\$8.00

\$120.00

8

900

\$8.00

\$120.00

10

1,025

\$8.00

\$120.00

12

1,125

\$8.00

\$120.00

14

1,200

\$8.00

\$120.00

16

1,250

\$8.00

\$120.00

18

1,280

\$8.00

\$120.00

20

1,290

\$8.00

\$120.00

22

1,290

\$8.00

\$120.00

24

1,280

\$8.00

\$120.00

Using the information from the table you completed, answer the following questions:

1. At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?

2. At what number of workers used per day does negative marginal returns begin? How did you determine this number?

3. What similarities do you see between the shape of the Average Product curve and the Average Value Product Curve?

4. What similarities do you see between the Marginal Product curve and the Marginal Value Product curve?

5. What is the optimal number of workers per day to use at the theater’s concession stand to produce concession stand item sales? How did you determine this optimal number?

Number of Workers per Day

Movie Tickets Produced per Day

Average Product

Marginal Product

Average Price of Movie Tickets

Total Value Product

Average Value Product

Marginal Value Product

Price of Worker per Day

0

0

\$10.00

\$120.00

1

227

\$10.00

\$120.00

2

615

\$10.00

\$120.00

3

935

\$10.00

\$120.00

4

1,185

\$10.00

\$120.00

5

1,427

\$10.00

\$120.00

6

1,631

\$10.00

\$120.00

7

1,788

\$10.00

\$120.00

8

1,800

\$10.00

\$120.00

9

1,800

\$10.00

\$120.00

10

1,789

\$10.00

\$120.00

11

1,757

\$10.00

\$120.00

12

1,679

\$10.00

\$120.00

Using the information from the table you completed, answer the following questions:

1. At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?

2. At what number of workers used per day do negative marginal returns begin? How did you determine this number?

3. What is the optimal number of workers per day to produce movie ticket sales? How did you determine this optimal level?

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